Seegene Inc., a leading developer of multiplex PCR technologies in South Korea, was assigned by the Pan American Health Organization (PAHO) covering 35 countries under the World Health Organization (WHO) to supply 10 million units of its COVID-19 diagnostic kits to Brazil.

The Kosdaq-listed bio company said Tuesday it has already shipped out half of the order and will deliver the remaining Allplex™ 2019-nCOV through its Brazilian subsidiary in the coming weeks.

In morning trade, its stock price fell 6.9 percent to 108,200 won in profit-taking after a heated rally following its first-quarter earnings release that reported near 7-fold jump in profit due to test kit exports to over 60 countries. The stock had zoomed from 36,650 won at the end of December to rank No. 4 on Kosdaq as its market cap tripled so far this year.

Seegene said the shipments to Brazil can increase up to 100 percent in volume as it is separately negotiating supply agreement with the state government and private laboratories in the country. The company also expects additional arranged orders from PAHO for other Latin American countries.

Seegene`s Allplex™ 2019-nCOV Assay is capable of identifying three different target genes (E gene, RdRP gene and N gene) in a single-tube, and its automated system is extremely useful during the coronavirus pandemic where a large volume of tests are required, said the company. Seegene has already exported 20 million tests of the COVID-19 assays to over 60 countries.

The PAHO is the world`s oldest international public health organization founded in 1920 and is headquartered in Washington DC, USA. It has a membership of 35 countries, including the United States, Canada, Mexico, Brazil, Argentina, Chile, Uruguay, Ecuador and Peru.

By Pulse

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